On March 17, 2026 the Italian Competition Authority (AGCM) imposed a 25,895,043 Euro fine on Morellato S.p.A., for engaging in an anti-competitive agreement, in violation of Article 101, paragraph 1, of the TFUE.[1]
The circumstances of the case and relevant facts are explained by the AGCM in its decision, as follows.
Morellato S.p.A. is an Italian manufacturer engaged in the production, marketing, and sale of mid-range (non-luxury) jewellery and watches, through its selective distribution network.
Morellato’s selective distribution agreements, from 2018 onwards included an explicit clause prohibiting authorised distributors from selling via third-party online marketplaces (such as Amazon, eBay, etc.), while they were allowed to sell through their own website. Morellato itself was active on marketplaces and even appointed Amazon as one of its distributors.
Following a more detailed examination as part of the preliminary investigation, the Competition Authority also ascertained that Morellato imposed resale prices (RPM) by setting the maximum discounts distributors could offer on online sales channels, through specific guidance on applicable discount percentages.
Morellato continuously monitored the compliance of its selective distributors to its guidelines, checking in particular the prices applied by distributors and possible sales made via online marketplaces. Morellato imposed penalties against those that did not follow its instructions, through repeated warnings, requests to withdraw discounts or cease sales, automatic blocking of orders, suspension of Amazon accounts, as well as threats to terminate the distribution contracts.
The AGCM found that the RPM practice – consisting in (i) the definition of internet policy; (ii) a monitoring system (based on dedicated software); (iii) a disciplinary mechanism – constituted a hardcore restriction of competition within the meaning of the Vertical Block Exemption Regulation (VBER) and Article 101(1) TFEU. In this context, the Competition Authority decided that Morellato’s conduct could not benefit from the exemption under the VBER. In addition, such RPM practice had to be regarded as a vertical restriction by object, pursuant to Article 101(1) TFEU.
As regards the marketplace ban clause, the AGCM stated that such clause constituted a restriction of competition within the meaning of Article 101(1) TFEU, as it was capable of affecting intra-brand competition between Morellato and its distributors; furthermore, the Competition Authority applied the “Metro criteria” and maintained that the clause did not appear to be justified, necessary or proportionate in relation to the objectives of protecting the products subject to selective distribution, and was, moreover, applied in a discriminatory manner by Morellato.
In this respect, the AGCM considered that the marketplace channel was used by 64% of jewelries that were selling online and about 47% of the total online sales of distributors; in addition, such channel was very important also for Morellato, given the percentage figures for Morellato’s sales via marketplaces and the fact that these sales had been increasing over time.
Therefore, the AGCM concluded that the evidence from the preliminary investigation showed that Morellato discriminatorily prevented its distributors from accessing marketplaces and third-party intermediary sites by: i) including a specific contractual clause; ii) by monitoring compliance with it; iii) by demanding that sales on digital platforms be halted; iii) by blocking the fulfilment of orders for products sold by Morellato; and iv) by blocking their accounts on Amazon.
Moreover, the AGCM stated that Morellato’s conduct did not comply with the conditions set out in Article 101(3) of the TFEU, as Morellato had not demonstrated that such conduct contributed to promoting efficiency objectives or improvements in the distribution of products; rather, it was aimed at excluding intra-brand competition by limiting the sales network’s ability to set its own pricing and discount policies independently. Finally, Morellato had in no way demonstrated that the restriction was necessary and proportionate to the achievement of such objectives, whilst at the same time allowing consumers to benefit equitably from the potential advantages.
The Competition Authority therefore concluded that Morellato’s conduct amounted to a vertical agreement in breach of Article 101 TFEU. By imposing resale prices and restricting online sales through marketplaces in a discriminatory and disproportionate manner, Morellato reduced competition between authorised distributors and limited their freedom to determine their own commercial policies.
Given the seriousness of the conduct and its duration (from 20 July 2018 to 23 December 2025), the AGCM has imposed a fine of Euro 25,895,043 on Morellato.
Silvia Bortolotti, IDI Vice-Chair/Secretary General and Country Expert for Italy.
[1] See the previous news on the opening of the relevant investigation at this link.
